GM Readers!📪 It's BitDegree Insider, and here's some Web3 inspiration.
⭐️Today's selection:
- 🤖Bot Beaten at Its Own Game. $1.4M Jackpot
- 💰Venture Mondays
- 👌Selected Meme of The Day
- 📰Bite-Sized News
BOT BEATEN AT ITS OWN GAME
An extraordinary event rocked the NFT market when Hanwe Chang, an NFT trader, realized that a bot was mirroring his every move.
So, Chang decided to teach his copycat, the trader who was stealing his trading ideas, a lesson.
He bought simple Azuki NFTs with a white background, after which he offered them for 50 ETH each. The copy trader repeated his actions and bought all the images at a significantly inflated price.
Proudly sharing his victory on Twitter, Chang revealed he had raked in a tidy sum of 800 ETH - a cool ~$1,460,000 by today's standards. Now that's a pleasant twist of fate!
However, the plot thickens. The 'mastermind' behind the bot remains shrouded in mystery. Intriguingly, some individuals have started impersonating the bot's owner to farm engagement.
One event, in particular, has caused quite a stir!
It suggested this Elizabeth could be the true operator behind the bot. Yet, the truth remains unclear, with only reference to a similar scenario from 2020 that concluded in a courtroom (in the extra 'tweet').
This episode has sparked a lively debate within the crypto community. The burning question: Should Chang's clever strategy be viewed as theft or a mere smart exploit?
Here's where opinions diverge, not very much, though. Supporters of Chang argue that programming a bot to mimic someone's strategy in the first place = 'spoofing', is the real unethical act here.
Spoofing, in the context of market trading, is a manipulative practice where traders flood the market with fake orders to trick others into buying or selling assets based on the perceived shift in supply or demand. This practice is generally frowned upon and is considered unethical.
As a third point, some interpret the situation as more of a philosophical conundrum with no definitive answer.
Well, that's a tale of a bot, poorly programmed, being outsmarted. The consensus seems to lean towards Chang's actions being strategic rather than theft.
So, what's your verdict? Is Chang's move smart, or does it blur the line into theft?
TL;DR: NFT trader Hanwe Chang cleverly outsmarted a copycat bot, making a substantial profit by selling simple Azuki NFTs at inflated prices. The incident sparked a debate on whether Chang's actions were smart exploitation or unethical.
VENTURE MONDAYS
Privacy-preserving identity verification system for Web3, using MPC and ZKP, zkPass, raised $2.5M in a Seed funding round from Binance Labs Fund, Sequoia Capital, OKX Ventures (ex OKEx Blockdream Ventures), dao5 (daofive), SIG DTI (a Susquehanna International Group Company), Cypher Capital, Leland Ventures, Blockchain Founders Fund.
There aren't any utility-based use cases available as of now.
However, a testnet has been launched. In addition, they have confirmed the token and wrote about rewards for early users and contributors. As always, it's crucial to do your own research (DYOR).
SELECTED MEME OF THE DAY
